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America 14, Adobe 11, Us 10, U.s. 7, China 5, Detroit 3, Humana 3, Fred Smith 2, Bath 2, Andy Kessler 2, Union Pacific 2, United States 2, Nancy Pelosi 2, Apple 2, New York City 2, Washington 2, Verizon 2, Jpmorgan 2, New York 2, Sony 1,
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  FOX Business    FOX Business After the Bell    News/Business. Stock  
   market updates. New.  

    September 19, 2012
    4:00 - 5:00pm EDT  

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good. liz: i cannot ignore oil. we have to look at that at the moment, the commodities definitely moving, oil is dropping and once again the third day in a row we are below $92 per barrel. nicole: a lot of supply, starting to sell off. liz: see if it happens tomorrow as well. the bell ringing on wall street. see how stocks are finishing off. moving up a fraction 13, 14 points, as high as 61 points so still a game. the s&p will be done again soon, some real volume when that happens. david: the bell just rang to the action is about to begin. key earnings from bed, bath, and beyond and adobe. liz: former hedge fund manager joining us to tell us the one thing we need to do to make this economy rebound more like a
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tightly coiled spring. david: we will tell you what drove the market today with the data download. stocks rose a better-than-expected economic data, all three major indices posted gains breaking a two-day losing streak. the top performers, energy of course was the worst performing sector with oil dropping as it has. a lot of action in the commodity pits. posting this against biggest drop in two months. crude closed down 3.5% now trading $91.97 per barrel. high inventories drove the losses. u.s. existing home sales jumped 7.9% in august from one month earlier to a seasonally adjusted rate 4.82 million year-over-year sales were up 9.3%. liz: okay, so we have all of today's action covered for you. leary in the pics of the cme, david, something he was going to
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tell us, why he was going to ditch some of the positive dividend payers, and breaking down the one commodity he believes is set for a pullback. you can say not a lot of heavy conviction in the rally today. but i don't care, a win is a win, isn't it? >> it is a win. resigning to effect the market will ratchet higher because the central banks are flooding the world with liquidity. i do have to say we saw some conviction in the builders, banks and material stocks so that it's one thing we have not seen in quite a while. other than that, a very lackluster market, the trading seems to be up to the higher point right now. david: while one would expect commodities to go up as the dollar value goes down because of the money printing, we have seen a tremendous drop in oil, lots has to do with inventory
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but i am wondering if the inventory problem or the overall problem is the fact people are wondering whether china will really slow down as much as fedex and other people say it is. >> that is part of the story. another thing people are not hearing is the maintenance part of the project is almost complete, so that is helping the inventory levels. also refinery production up by 4% and beyond all that keep in mind we had a classic case of demand destruction, people using less gasoline. let's not blame it on high gasoline, we have seen a healthy reprieve of oil right now. liz: adobe numbers are out. if we can throw how the stock is doing, it is getting on the first blush of these numbers. you can get a sense of what is happening with this stock. looking at what is going on
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here, we're waiting for our experts to be looking through these numbers, we don't want to get all the details, sometimes it is very specific. a lot of companies getting ready to report, how do you expect we're going to see earnings season comes through? >> i think at some point or earnings will be a lot worse than they were last quarter only because we can't continue to have the high price being paid for the earnings that we are seeing. keeping wage compensation. wage compensation on inflation-adjusted spaces at a world war ii low. it can't continue to sustain itself. also i we have economic numbers outside of housing drifting lower and lower and lower. we cannot continue to sustain this pace. david: if we can put adobe back up on the screen, we have been looking at all the benefits of apple, the company itself of course doing great, the stock doing great, other companies supplying apple doing great but adobe is in the unfortunate position of competing with apple and microsoft.
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it is possibly looking at some kind, some point where the success of apple begins to crowd out some competitors like adobe? >> i think that is absolutely the case. as long as people are willing to wait overnight in line for apple products, that is going to hurt a company like adobe. simple math. i think apple at the top of the perks right now, everything else is way, way below it and i would not get involved right now. david: let's get more specifics on adobe with robert gray looking at the specifics. >> talking about the headline numbers for the fiscal third quarter in line on the earnings number but the revenue numbers continuing a trend we saw in the last reporting season. investors looking ahead to the current quarter, shortfall on both the top and the bottom line why the stock is falling.
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1.13 billion in revenue. look at the bottom line, 53-$0.58 per share in the quarter, and we will continue to dig into this. again, looking at missing out on the numbers for the current quarter, we're seeing it again, this range, $0.53 to $0.58 on a non-cap basis. now you see why the shares are dropping after hours. liz: listen, let's keep in mind these numbers could moderate, they already have. now it is 32. but this is the long arm of steve jobs, he did not take adobe flash to be the winner in the ipad, he went with html5, this could be in part a reflection of them being shut out of the ipad business. they have had to try doing html5 business as well, but the fact this is a company that needs to transition somehow and we will be watching very closely.
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david: they have been trying to get into that. we began to see some signs of problems with the back-to-school specials starting at three or four weeks ago. much steeper discount than they usually have. suggesting they simply were not selling, bringing to mind a question of whether the general slowdown we have seen in the economy itself not necessarily reflected in the stock market will eventually hit the stock market in terms of lower earnings. >> i think it will. we have the world p.m. my coming out that has a lot to do with everything beyond what the central banks are doing. not exactly where the number is or where the numbers are going. it is clear we are contracting. at some point i believe we will fall off realizing we are not growing right now. liz: thank you very much. we will go back with him.
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david: let's bring in david and spencer. i want to look at his overall point in the economy in general. federal express has come out with these very gloomy sort of advisory comments about what is happening not only in china but the whole world economy. fred smith, the founder of fedex says china observers completely underestimates the impact of slowing exports, and they have a lot of skin in the game, big facilities spending millions of dollars, and the chief financial officer said we see the u.s. economy not improving from here. they see a slowdown in the economy, have they got it right? >> i really think they have a good point. you never know when yo you're getting true data. they give out numbers the kind
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of have to take a look at and compare to the electricity demand and other indicators looking at the backlogs of steel, copper. david: that is why we don't believe the numbers, believe people like fred smith to have facilities in china actually there and working with the people, the people on the ground know much better than the government statistics, right? >> without a doubt, that is the right way to look at it. liz: we know there is a disconnect of how well it has done and how the economy is grinding along, tell us how you're investing between the two of them. >> keep in mind last thursday with qe3, those types of announcements with really no end in sight, extending through 2015, that doesn't happen if the
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fed thinks we have a healthy economy. the general consensus is we have it limping along, not growing at a fast enough speed. liz: we know that. whether we agree with what the fed is doing, our viewers want s to know the trade, is this all hands on deck when it comes to investing in equities because you don't fight the fed? >> here's what happens, when they print that kind of money, you're going to see an increase in evaluations across the board on the stock market. they're probably all going to rise over a period of time. don't get used to that either. you have federal intervention, you're going to have a lot of volatility. trying to make the extra on the trade, they have to understand
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it comes with a trade-off. if you cannot accept a 10%, 15% sudden pullback you probably should not participate, but that is where the action is going to be, buckle up and ride that ri ride. david: i know you are bleeding and goal righ gold right now, bs put the vix back on there. it is below 14. which is highly unusual, think the low this year was 14.02. the absolute low. we're trading at historical lows on the vix. if you buy into the combination of funds that are based on the reverse of what the market does, maybe now is the time to kind of hedge your bet in equities, now is the time to buy it. >> i wish that were a good instrument. the right thought, volatility is
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at incredible lows, the problem with vixx if it gets complex plobutit inherently loses moneyy time it rolls. think of it like a fruit, an apple or an orange decanting overtime, if you don't capitalize on it immediately, you will lose money down the road so if you look at the historical chart that has gotten slaughtered. maybe looking at options on the vix itself to be a better way to play the volatility. liz: so that is a science project in my fridge. finally, the dividend play has been awfully positive lately, but you say you're rotating out of the very popular place, why in which one? >> as we can see with qe3, other
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asset beginning to rise, so depending on what stage you are in your investment cycle, if you want to take more of a play that should rise greater, begin something they have been participating in the past several years and go to the other side. it depends on your appetite. the emerging market again, little moralittle more selective are opportunities in asia and europe with their liquidity that they recently announced taking some risk off of those assets as well. with the fed and all central banks around the world, with this intervention there is some safety to move in that direction. i don't think it is prudent to
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limit all of your safer securities but definitely an area to start playing them. liz: a lively and great discussion, thank you so much. david: thanks, guys. what will get this economy moving once again? handouts or investments? says he has the answers, he wrote about it in the "wall street journal." he will join us next. liz: plus, two days, two pieces of positive housing data in a row. are we finally at the trough? and moving higher. top real estate agent and we will give you inside look at the latest, drinks not gross former apartment and no, that is not the sign for it. david: is your money safe if your bank is attacked? bank of america suffered a cyber attack, many want to see their
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money, is it still there? joining us with details coming up. [ male announcer ] what if you had thermal night-vision goggles, like in a special opsission? you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering web-based trading platform. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account.
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david: we have breaking news,
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there is an economic slowdown going on, i think it is robert. go ahead. >> echoing what we heard from fedex earlier this week out with a profit warning after hours, shipping less merchandise, less coal. it seems like folks are stocking up on fewer goods shipping the third-quarter outlook, way below what analysts are looking for on the street. on the lower volume decline, also getting less revenue from fuel surcharges, revenues will miss as well. that stock is sliding. liz: don't know if we can pull up union pacific, the last trade for union pacific $125.05. right now at 121.54 union pacific. david: all shippers are getting caught in this. liz: shares of jcpenney getting a pop earlier today. nicole petallides with the
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details. nicole. nicole: jcpenney had some wild moves. closing 29.09 up one-tenth of 1%. up about 10% earlier today, 32.55. turn into a boutique shop rather than using words like low fashion or low end. this is more of within a store platform. that was good news. and then later talk about the fact it has been a tough go of it, business lately has been tough and the company is not using promotions and back-to-school season is past. talking by tough environment and the stock lost its own going into the closing bell. $32 at one point.
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back to you. liz: now, bed, bath, and beyond. that stock moving lower in the aftermarket session. what are the earnings numbers? >> the earning numbers short of expectations, part of the problem. revenue numbers actually beat slightly above the estimate, third-quarter forecasts, investors anticipating higher numbers, $0.99, pretty much book ending the estimate but when you look at a stock up 18% year to date off 3.5% in the past month alone, investors wanted to hear something above and beyond what they got them clearly the shares are reflecting that. david: they were forced to use deep discounts, they have a lot of coupons they were using. some people wondering if that would cut into their profits, indeed it appeared to. liz: that is religion come you don't walk in without those
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coupons. david: the number of cyber attacks on banks is on the rise. liz: bank of america suffered a denial of service attack claiming affiliation with an islamic terror group claimed responsibility for that, so is your bank safe? joining us to address that very question. >> rechecked with jpmorgan as well, they say that their internet service for online banking is experiencing technical difficulties, intermittent unavailability. an error screen will come up that you cannot access this. here's the problem, jpmorgan's problem began around 9:20 in the morning. bank of america experienced problems with their website in the morning. so is it related to the amateur film mocking the prophet mohammed? that is what the claim was,
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doing denial of service, they are flooding the bank websites to shut them down as a distraction so they can do possible wire fraud meaning that money wired out of customer accounts distracting bankers who have been so concerned about the website getting knocked off-line. they're still looking into it, intelligence sources say they are worried about that and also groups out of eastern europe who have been flooding the bank systems trying to do bank fraud. the hackers masquerade with the bank to get the credentials and start to feel it. it is easy for the internet hackers to do it, so cheap on the internet you can get one for $200. david: the firewalls are much thicker than the hacker's ability to break through them. >> bank of america telling fox business the systems are safe and secure and customer accounts are being protected and working to get the problem
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resolved and the vast majority of the customers were not effective. talking to intelligence officials as i have, also testified for congress saying cyber crimes could outpace counterterrorism issues for this country from all sorts of groups around the world so that is something to look at. we will stay on top of it and get back to you watching that one. your money is still there, online banking is the way to go with is a question for consumer. david: thank you very much. liz: the positive housing data keeps piling up with existing home sales getting their best levels in more than a year. we are talking to real estate agent who says there is one area of housing that feels like the recession never happened. can you say sinatra was to mark david: who topped the list of the wealthiest people in the u.s.? facebook's dismal ipo, is mark
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zuckerberg toppling off that list?e fa we will tell you coming up. based on this chart, who would you choose ? wow. you guys take a minute. zon, hands down. i'm going to show you guys another chart. pretty obvious. i don't think color matters. pretty obvious. what'sretty obvious about it ? that verizon has the coverage. verin. verizon. we're going to go to another chart. it doesn't really matter how you present it. it doesn't matter how you present it. verizon. more 4g lte coverage than all other networks combined.
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♪ liz: really good housing numbers. liz: -- existing home sales surging to the best levels in more than a year as some of the confidence also hit a new 6-year high. we have somebody who says that the bottom may finally be here, and there is one area of the market that is outpacing all of them. the ceo of rubicon property, and he is the guy who turned down libyan leader gadhafi when he was trying to read something here in new york. he said to know. not you. you are a local hero. let's get to it. what area of the housing market is doing well? >> at the high end of the market it has been recession.
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it just hasn't been there. we are seeing right now is incredible strength in the market at the height-high end of the market. liz: hi, million. >> 5 million in sales. there was a time when a $20 million sale, you drop your job. today it is a yawn in many respects because you see it so often. liz: the lower end for most of us. >> let's talk about the market. one thing you have to understand is, no one buys a home. it to borrow up to anneals phrase to of realistic is local. the haft elected your local marketing and understanding of what the fundamentals are. that's so we encourage all buyers to do, whether they are in manhattan or anywhere else in the country. understand what's happening in your market. right now across the country one thing we see is lower inventories which actually will bring down sales figures. because you're a low inventory, sales figures might not be where we want, but the housing data that came out today, really strong. when you have to good reports
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that the what the came out today, particularly existing home sales 567 to recede it? >> we have seen strong sales and pregnant summer only to decline in the winter. a difference, welcome of the proof will be in the pudding. six months from now will take a look and see the winter numbers, but i think this might be different. liz: rent verses by. your recommendation. >> l.a. still people, you have to look at your own finances first. it would be easy for me to come on and say, bye, bye, bye. that is not prudent. for some people it really depends on your level of comfort on debt. what are you able to get from a mortgage perspective? if interest rates are so low. he said this over and over again , but not actually are at historic lows. that is again up to deliver buyers, but is your job situation secure? can you afford to make the mortgage payments to make it really does depend. liz: if you could afford, we want to show you jasons latest listing. frank sinatra's duplex apartment, one of the last one
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to live in in new york city. for bed, four and a half bath, 32 feet. let's show the picture. >> not bad, right? jason let me go in. the glass staircase. >> it's something. liz: there is the price. over $7 million. >> is a steel. >> it does have a balcony. we call it a terrorist. >> two dozen square feet of outdoor space on two different levels. all views of the east river. it's hard to beat. it has been fully renovated command of the walls could talk it would tustin related stories that i could sharon there, but it would be great. and it is a really unique one-of-a-kind amazing apartment. liz: well, you are a unique real estate company because you donate a portion of all of your sales to the clean water organization. >> that's right. we get the money to a nonprofit of charity water. reconnect the essential a lead of living in new york, which is
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realistic, with the essential development world. the cost, our company, since we started this interview today, for real estate companies have started that no one cares about. you have to stand up, be creative, imaginative and innovative to succeed. liz: continue sell the town house. >> we did on east tenth street. i won't talk about the buyer, but we did sell a town house that has been widely reported to have been sold to someone like that. liz: sold to somebody like that. >> no comment. liz: great to see you. >> you too. liz: thank you. he went out as honest during very well. we need jobs. >> we do, indeed. david: how do we get millions of unemployed americans back to work? legendary hedge fund manager andy kessler joining us with a solution. also, if you're looking to buy into the gold rally, you better think twice before exactly how you drive it.
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counterfeit parts are beginning to hit the market, and they could cost you a lot of money. how to protect yourself. he tells shed.
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liz: time for a quick speed read a some of the day's other headlines. david so far is in the early 3- 3-2. five stories, one minute. american airlines issues layoff warnings to 11,000 employees as part of its bankruptcy restructuring only expecting to cut 4400 jobs. a former online broker executive pleading guilty to conspiracy and gambling charges. admitting to concealing payments in order to dodge you as on-line gambling laws. sony unveiling a read designed playstation three council at its tokyo game show press conference today. hit the stores september 205th the price of a $269.909. fake gold bars turning a big new york city. a tin of gold are costing nearly
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18 grand turned out to be counterfeit. the bar was filled with tungsten which weighs nearly as much as cold but is usually used in the auto industry. bill gates stopping the forbes list of the richest americans for the 19th straight year posting a network of $66 billion. warren buffett following with 46 billion. combined wealth rose to 17 trillion. what about zucker bird? didn't we say something about them? david: no, dear. by the way, a lead article in today's "wall street journal" is still lamenting the speed read. his book is is on this year's election, which is really what makes america work. more precisely, what would put more americans to work. the author of that article is legendary hedge fund manager and author, most recently of the but if the people. i love that title. andy kessler joins us now from palo alto. her to see you. thanks for coming in.
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well, the question, what builds jobs in this country is center right now in the whole discussion of what is going to get america back on its feet. and nancy pelosi came out with an idea of at least what could help the job situation. let's play that citing get your reaction. >> if you want to create jobs, the quickest way to do it is to provide more funding for food stamps and have unemployment insurance. david: food stamps and unemployment insurance create jobs. >> that is exactly the opposite. i mean, there is this whole economic taught in washington that if you just get money into the hands of the middle-class that the economy will grow, but it has it exactly backwards. you cannot increase growth because you increase wages or give money out. it is productivity, doing more with less that provides economic
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growth and higher paying jobs. you know, the president in his acceptance speech at the convention said the following. we believe that when the ceo paces of the workers enough to buy cars they build, the whole company does better. it harkens back to the ford motor company when henry ford doubled the wages of his employees to five bucks, but it has it backwards. it has to be productivity. david: by the way, and we should point out the fact that when nancy pelosi said that we had not really double down on the unemployment insurance and the food stamps as we have since. clearly it has not helped. it may have actually aggravated the job situation, but it certainly has not helped it. that theory has been proven wrong over the past few years. >> it sure has. >> it sure has. look. the summers and geithner and we are running around with members of committees multipliers. if you a tax cut, dollar taxed
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at only gets to. $3 of economic growth. food stamps give you one and three-quarters. and it is completely backwards. go back to that ford story. doubling wages in 1914, but everyone forgets that in 1913 he put in a moving assembly line. the bill time for automobiles went from 14 hours to 90 minutes. and nine times increase in productivity. he can afford to pay workers more. the price of automobiles dropped from 950. david: but some would argue, and they're arguing this case these days as well. that with the innovation, with a tremendous innovation with the ford motor company. recede with computers, the center of a thing. it actually hurts job growth because you get so productive that you can lay off more workers. what he said that? >> in the near term that happens. travelers, bank tellers. in the long run it is the
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savings from that that provides a platform for others to create new jobs that did not exist before. the iphone. it got rid of silly things like maps in restaurants and it is starting to eat into postal workers, but it allows, you know, workers, white collars and blue-collar workers to be more productive with what they do, a platform for others to create wealth on. every cycle matter what, more jobs and more better paying jobs are created verses the lower paying jobs that technology gets rid of. liz: getting back to our beginning, we should mention that those who focus on the government side, the handouts, the tax subsidies, creating jobs , they're not just democrats some republicans, like marc sandy. >> everyone is guilty. everybody is guilty. these guys don't sit there and live and breed and invest in a world where productivity is what increases living status. they think that you can just sign a bill and increase living
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status. it works against the opposite. sometimes i'm surprised that living standards increase at all given what goes on in washington, but you have entrepreneurs and big companies and small companies that every day are scrambling to my riding coat, coming upon the productive things which is what is driving economic joke -- economic growth and job creation. we have to get out of the way and let the stuff grope. david: this is a guy who puts his money where his mouth is, so you listen to what he says. good to see you. thank you. appreciate it. >> its for having me. liz: gold hit add new six month high. if you want to forget exchange trading funds because you cannot wrap your mind around it, we have the ceo of a company working to make it easier for you to buy physical gold. david: we just talked about that , that is the time. also, if you think all u.s. companies are forcing manufacturing overseas, you don't know those story. the nearly century-old manufacturing three brandy right
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♪ >> average rate. shares of north folks southern are slipping after the railroad operator said results this quarter will fall short of estimates. the company says the drop in shipments of coal in merchandise as well as lower fuel surcharges will weigh on its third quarter revenue profit. mixed quarterly results from bed bath and beyond and adobe systems weighing heavily on stocks in after hours. earnings for bed bath and beyond fell short of expectations, while revenue topped estimates. a became in light on earnings but managed to top estimates on revenue. and verizon has reached a tentative labor contract with the communications workers of america covering 43,000 union employees from virginia to massachusetts.
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the two sides are at odds are pensions to my wages, and a health plan. that is the latest from the fox business network, giving you the power to prosper.
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liz: breaking news. adobe is rebounding after falling pretty precipitously on first blush of the news that mr. lobotomize that beat on revenue. listen. the ast had been at $30 change. here we have it. very close to the closing value. adobe coming back in the after market session. david: you have to stay with us for the entire hour. gold, let's talk about that. but most investors think of it, they usually think about etf. investing in physical gold can be very risky, particularly considering the fickle stores that we are seeing a lot more of liz: gold bars with tungsten ore different metals and the inside. one company makes it easier than ever for the average investor by
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physical gold and store it in secure fault tolerant the world. then the thing. the co-founder -- co-founder and president. and his business? what is the attraction of doing coulter way? >> i think what you're seeing a gravitation toward people of getting money in commodities and gold. what we did is unique is provide the physical asset. our thesis is that if we can create access to the physical asset we will create adoption. we are seeing that happen in the u.s. as well. david: something which is reported on a fickle story. i'm sure you're up on that. you certify your gold is not only in short for while it is being kept in your own vaults, but it is certified all along the way, so no one is during any funny business. >> an important point to michael to cite any other financial assets to when you have to be prudent or you're buying from. stories like this highlight the reason to work with companies like ourselves another similar to west. david: who is doing the insurance yakimas verify you
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have the real thing. >> the largest insurance companies in the world. you are almost -- you keep illiquidity. he take call to your house each jet to sell it tried to get a terrible price. it could be fake. the advantage of keeping this story is that it is always liquidity. you can sell it back to the market. cabbies like ourselves make it easy for the investor did do. liz: and vaults from solid to switzerland, not a surprise, australia. let's talk about why one should own physical gold versus something like etf? >> we think it is analogous to any other real assets. if you have the ability to buy the real asset, you should. it is almost similar to buying a house. you buy your house directly or through shares of a trust that owns the sf. comes down to wanted to participate in the price movement of an asset for actually wanted to own the assets. we think that if you can of the asset you should always buy it. that is kind of a we're trying to do. david: i love gold. go figure. identify with that character,
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that the evil stuff, but his love for gold. if i want to take delivery of it to me if i want to use your services to buy the gold and rather than use your faults with the delivery, can i? >> it is your gold. you can take delivery, move to different locations. you want to make it is yours and not something you might endear bad. liz: from where comes the demand to check to his buying? >> that is a great question, and is kind of surprising to people in the western hemisphere where 80 percent of physical gold is actually bought outside the united states. actually, outside the developed world enter emerging markets. we have seen in the u.s.s. cole be more of a trading vehicle, and only now we are seeing the adoption of physical gold chemical ets, and gold investment. gold in and of itself is much more of an emerging market phenomenon the start to come to the u.s. liz: we have breaking news. robert gray. >> reporter: cyber attacks. we talked about bank of america. nyse was the subject of an attack. it did not report what today. flashpoint partners is saying
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the new york stock exchange website is a subject of a distributed denial of service attacks. although it appears to have been unsuccessful so far in taking the stage website of flight. i can't confirm go i just wanted a site for. the twitter account, saudi anonymous one which really ticked by hitting the website as the actor behind the attack. now, separately is says the j.p. morgan chase is likely due to a sustained de dos attacked, distributed denial of service attack. this is the bank of america was hit with, something similar just yesterday. the new york stock exchange is the subject of one but has been unsuccessful as far. liz: thank you very much. a coordinated attack on financial institutions here in the united states. it is looking more and more like these are the various groups are to bring down the financials. david: we want to emphasize to the art of succeeding. fire was the protect these companies and institutions are much rarer than the hackers try to break-in. the name of the company is
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buildable yet international. i imagine you can get on the internet. thank you so much. sir you could not bring some of that will then. liz: next time. an iconic american brand of decades past is being reborn in, of all places, detroit. jeff flock with the story. >> reporter: do you remember china like? it is not just shoe polish and the mark. it is watches, leather goods, even bicycles. al be back with a story of a company that is doubling down on america and american maid. stay tuned.
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liz: it's about the resilience of capitalism. iconic shoe polish maker read launching as an upscale manufacture of consumer goods, ranging from watches to bicycles. david: and the brand has a new home in detroit, which is where our very own jeff flock is with a look at this all-american company. >> reporter: used to be at gm building. they invented the automatic transmission in this building. this is the production line for. i'm in a clean room. this is live and dressed in such a funny manner. this is ready a symbol watches. they said the production line down for the day, but they are assembling watches in america again. has that been done since the
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70's. you used to run stossel. you left to do this exciting thing, doubling down on america in investing in america. >> we believe in made in america, made it right. today we are standing in a world class to the our watches in the facility with a production up to 500,000 units. our job is to meet or exceed the production. >> this is a well capitalized -- this is not a startup, one of these shoestring start-ups. you have seen the watches. they do leather goods. this is a company based in chicago. they also do bikes. these pipes, the frames made in wisconsin. done right here, assembled in detroit. back to you guys. liz: david: i love it. thank you very much. a lot more coming up. liz: money with melissa frances is next. no. why? apparently my debit card is. what? i know. don't worry, we have cancelled your old card.
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great. thank you. in addition to us monitoring your accounts for unusual activity, you could also set up free account alerts. okay. [ female announcer ] at wells fargo we're working around the clock to help protect your money and financial information. here's your temporary card. welcome back. how was london? [ female announcer ] wells fargo. together we'll go far.
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